Market Pulse - August 2021

Markets snapshot

The MSCI AC World equity index rose 2.7% (3.0% in €).

The US rose 3.0% (3.4% in €) on the back of a strong Q2 earnings reporting season and a strong performance from the tech sector

European equities rose 2.3% (2.2% in €), as economic data remains robust and vaccination rates close in on 70% in many countries.

Emerging markets (EM) equities rose 2.3% (3.1% in €). EM equities sold off in the first half of the month before posting a strong rebound towards month end as investor digested the implications of Beijing’s recent regulatory actions.

Eurozone >5-year bonds fell -0.8% in July.

The German 10-year yield rose to -0.38%.

The euro fell slightly to 1.18 against the US dollar.

Commodities fell -2.3% (1.9% in €) with WTI oil falling -7.4%.

The energy sector fell mid-month in the wake of concerns stretching from China’s economy and Covid-19 to the tapering of Fed stimulus. WTI fell to its lowest level since May before rising on energy supply disruptions resulting from Hurricane Ida.

Copper prices have fallen back from earlier highs and gold was flat over the month.

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